It’s not too late to buy a lottery ticket and try to win big. Saturday’s Powerball draw is worth around $1.6 billion. story. The record is a $1.586 billion Powerball grand prize shared by winners in California, Florida and Tennessee in January 2016, according to Powerball. The draw is scheduled for Saturday at 10 p.m. There are two options when you win the lottery: your winnings or 30 annual payments over 29 years. If you choose the lump sum payment option, there will be a 24% federal tax on your winnings, or approximately $187.7 million. According to the USA Mega website, you’ll also owe more at tax time, an additional 13%, or about $101.6 million. on the lump sum to approximately $438.9 million. If you choose the annuity option, you will receive 30 average annual payments of approximately $53.3 million – before taxes. The 24% tax would be approximately $12.8 million each year and additional federal taxes would be approximately $6.8 million, bringing the subtotal to approximately $33.6 million. After Nebraska state taxes, according to the USA Mega website, your average net worth per year would be around $29.9 million. . After 30 payments, your total would be around $899.6 million. The biggest jackpot won in Nebraska happened in February 2006 when a group of eight co-workers from ConAgra Foods’ Lincoln ham and corned beef plant shared a Powerball jackpot of $365 million. the Associated Press was used in this report. Related video at the top of the article
It’s not too late to buy a lottery ticket and try to win big.
Saturday’s Powerball drawing is worth around $1.6 billion, a record high.
There have been 39 consecutive Powerball draws since August without a winner, raising the jackpot to one of the biggest in US history.
The record is a $1.586 billion Powerball grand prize shared by winners from California, Florida and Tennessee in January 2016, according to Powerball.
The draw is scheduled for Saturday at 10 p.m.
There are two options when you win the lottery: Receive a lump sum of your winnings or 30 annual payments over 29 years.
If you opt for the lump sum payment option, there will be a 24% federal tax on your winnings, or approximately $187.7 million. You also owe more at tax time, an additional 13%, or about $101.6 million, according to the USA Mega website.
Nebraska also has a 5% state withholding tax – approximately $39.1 million – plus additional state taxes owed, bringing your total net payment on the lump sum to approximately $438.9 million.
If you choose the annuity option, you will receive 30 average annual payments of approximately $53.3 million, before taxes. The 24% tax would be about $12.8 million per year and the additional federal taxes about $6.8 million, bringing the subtotal to about $33.6 million.
After Nebraska state taxes, according to the USA Mega website, your average net worth per year would be around $29.9 million. After 30 payments, your total would be approximately $899.6 million.
The biggest jackpot won in Nebraska came in February 2006 when a group of eight co-workers from the ConAgra Foods ham and corned beef plant in Lincoln shared a Powerball jackpot of $365 million.
Information from The Associated Press was used in this report.
Related video at the top of the article
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